I will put in one (sorta) for the US Pharma Companies. It may not apply much to Humalog. I use Humalog - mine comes from Kaiser through my health plan from LA Unified School District (retiree) and Medicare Senior Advantage.
Development costs are way up - salaries, production costs etc. But esp development research and certification by FDA(plus periodic re-certification in some cases - change something and it has to be re-certified). Production facilities are regularly inspected, licensed etc. Research and testing for safety, research for new drugs or improvements etc are all expensive.
Here in the US this is especially expensive due to higher wages, costs, regulations etc. When the company sells that drug in another country the price is often controlled with no factoring in of US costs so they raise the price in places (US) where there is no price control. The same goes for drug companies in other countries - make up for low prices elsewhere by changing more in the US.
Do the companies try to max profits? - Yes
Does our government regulation and rules increase costs? - Yes
Does the higher production costs in the US factor in? - Yes
Do they add on some for research and development of new versions or totally new drugs? - Yes

And in many cases those who run the companies pay themselves vastly exaggerated salaries, benefits and perks.

So it is a complicated thing with blame being in more than one place.

Could the prices be a lot less if someone sat everyone down and they co-operated to lower all costs. - Yes
But the chances of that happening are very low. Unless the President or Congress gets behind it and requires it to be done - or else people start getting replaced until they find someone who can carry it out. Esp when you calculate in that the government (FDA and state versions of it) often can only change things by legislation to change laws in some cases and others through the bureaucracy and its regulations (which are far too many, far too large and change (esp getting rid of some) and resisted by the personnel who have their jobs and incomes tied into writing and maintaining those regulations (they have to justify their job, salary and perks).

And a lot of Law Firms make a very nice living off all this stuff, they don't want to see the system changed much either.

Private payment avoids the wait lists in Canada.

Before everyone goes on a tear about how great Canada medical care is, their medical care is not the best for the general public.

I live outside of Detroit, and you can see huge numbers of Canadian license plates at Detroit area hospitals. The reason? - Their huge wait times. Canadians can come to the U.S. get treatment, and the U.S. hospitals and clinics simply bill Canada's medical insurance.

And don't forget, we have a large number of medical professionals who work in the U.S., and are Canadian residents. It seems the pay in Canada is far below that of U.S. pay rates.

The Canadians are very low on the latest technology. There are 300 +/- MRI machines in the entire country in 2017.